- Grants incentives
- Nationwide implementation of cash-less policy begins March 2020
To further promote a cash-less economy and enhance the collection of applicable government revenues, the Central Bank of Nigeria (CBN) has announced a review of the process for merchant settlement.
With effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.
A statement signed by
the Director, Payments System Management Department at the Bank, Sam Okojere,
also announced a downward review of the Merchant Service Charge (MSC) from
0.75% capped at N1,200 to 0.50% capped
at N1,000.
Meanwhile, the CBN, in a circular to all deposit money bank (DMBs), also announced the commencement of charges on deposits in addition to already existing charges on withdrawals.
According to the
circular, the charges, which take effect from Wednesday, September 18, 2019,
will attract 3% processing fees for withdrawals and 2% processing fees for
lodgments of amounts above N500,000 for
individual accounts.
Similarly, corporate
accounts will attract5% processing fees for withdrawals and 3% processing fee
for lodgments of amounts above N3,000,000.
The statement, however, disclosed that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory. It added that the implementation of the cash-less policy would take effect from March 31, 2020.